Term is different.. it was called "junction" - not sure why it is called so. But steps are pretty simple..

1. Download the junction.zip from the site.
2. Extract to say "C:\Tools" folder
3. Move the back up folder from "C:\Users\[my name]\AppData\Roaming\Apple Computer\MobileSy
nc\Backup" to say "E:\iTunes"
4. Open command prompt and run below command
C:\Tools>junction.exe "C:\Users\[my name]\AppData\Roaming\Apple Computer\MobileSync\Backup" "E:\iTunes\Backup"

If you are getting error like below, may be you still have "Backup" folder. Move to folder as per Step 3.
Error creating C:\Users\[my name]\AppData\Roaming\Apple Computer\MobileSync\Backup:
Cannot create a file when that file already exists.